SA net equity sales reach grim milestone of R100bn
Foreign selling momentum gathers pace in line with weakening growth prospects
02 October 2023 - 19:00
SA’s net equity outflows reached a grim milestone of R100bn after foreign investors sold an additional R1bn worth of local shares over the past week, keeping the rand under sustained pressure at just over R19/$ even as the electricity supply outlook showed early signs of stability.
Foreigners have been consistent net sellers of domestic shares in the past seven years, according to available JSE data, but the selling momentum has gathered pace in recent months in line with weakening growth prospects. Over the past week, they also sold R12bn in local bonds, cutting year-to-date net purchases to just R6bn...
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